AUSTRALIAN INFLATION PRESSURE MOUNTS FOR 4TH MONTH IN A ROW.

SYDNEY, July 3 Asia Pulse - Inflation pressure continues to build in Australia, with a measure of consumer prices rising for the fourth month in a row, leaving the annual pace of inflation at the top end of the central bank's target band.

The TD Securities-Melbourne Institute monthly inflation gauge found prices of consumer goods and services rose by 0.1 per cent in June, following increases of 0.3 per cent in May, 0.4 per cent in April and 0.3 per cent in March.

Over the 12 months to June, the gauge grew by 2.9 per cent.

TD Securities chief strategist Stephen Koukoulas said a slight easing in price momentum in June should be only temporary relief for the Reserve Bank of Australia (RBA) as it considers the strong growth momentum in the economy and medium term inflation risks.

"It would be dangerous to take too much comfort from one month of subdued price increases given that in 11 out of the past 12 months, the annual inflation rate has been between 2.8 per cent and 3.4 per cent for an average of three per cent," he said.

"We expect the RBA board meeting tomorrow to give serious consideration to an interest rate hike, but on balance, to hold off such a ...